• KIEAE Journal
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• 제1권2호
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• pp.37-45
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• 2001

As the global environmental crisis has been emerged as an important problem threatening the survival of the mankind, the environmental problems are recognized as a great issue governing the destiny of the whole mankind as well as a national problem. Therefore, more active attitude playing a leading role of global and local environmental preservation is required, escaping from conventional passive position for the minimization of economic damages according to global environment regulations. This study evaluates the 150 university students' consciousnesses and attitudes of the seriousness, major policies and issues of environmental pollutions, extracts their consciousness of environment and practicable tasks for the 21st century and is to give the basic reference materials of environmental policy development.

• East Asian Economic Review
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• 제20권3호
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• pp.339-363
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• 2016

This paper analyzes why the global financial crisis in 2008 severely affected Asia's trade. Asia has been suffering from the falls in export demand from developed countries. However the abrupt trade declines in Asia are not fully explained by reactions to this as in previous experiences. The question is why the financial crisis in 2008 brought about the abrupt and deep collapse in world trade, while other world-wide recessions had more moderate effects on world trade. This paper shows that the dynamic relationship between trade and trade finance is one important factor in explaining this question. This paper also applies the Granger (causality) test to uncover different relationships in the developed and developing economies and show different results for different countries in Asia. We employ a Markov-Switching FAVAR (Factor Augmented VAR) to show that global liquidity shocks are important factors in explaining the huge and abrupt trade drops in Asia.

• 한국경제지리학회지
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• 제17권1호
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• pp.147-159
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• 2014

본 연구는 2003년 11월부터 2013년 8월까지의 전국, 수도권, 비수도권, 강남, 강북지역 아파트 매매가격의 합리적 버블을 전체기간과 글로벌금융위기 전 후로 기간을 나누어 상태공간모형과 칼만필터를 이용해 추정하였다. 전체기간 중에 강남은 합리적 버블이 25.4%로 가장 높고 강북 21.3%, 수도권 20.1%, 전국 18.9%, 비수도권 14.3%로 나타났다. 글로벌 금융위기 이전에는 강남이 26.7% 강북 19.3%로 강남이 강북보다 약 7.4% 정도 버블이 높게 형성되어 있다. 이에 반해 글로벌 금융위기 이후에는 강남 13.2%, 강북 10.7%로 버블이 많이 붕괴되었으나 오히려 비수도권 지역은 이전기간 4.2%에서 이후기간 19.0%로 약 15% 상승을 하였다. 이는 강남, 강북을 포함한 수도권은 매매가격이 하락하고 임대료는 상승을 하였고 비수도권 지역은 공공기관 이전 등 각종 개발호재로 인해 매매가격이 상승한 것이 주요원인으로 생각된다.

• 융합정보논문지
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• 제10권3호
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• pp.67-75
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• 2020

본 연구에서는 주식시장과 채권시장간의 정보 이전효과(information flow effect)를 살펴보기 위해 우리나라 KOSPI의 일일지수와 초단기 채권형 펀드(money market fund : MMF) 수익률 자료를 이용하여 분석하였다. 전체 분석대상 기간은 1997년 5월 2일부터 2019년 8월 30일까지 이다. 1997년 5월 2일부터 2008년 12월 30일 글로벌금융위기전 기간, 2008년 12월 30일부터 2019년 8월 30일까지 글로벌금융위기 후 기간과 전체기간으로 세분하여 실증분석을 하였다. 분석결과 비대칭적 변동성을 고려한 EGARCH 모형이 적합한 것으로 나타났다. 주식시장과 채권시장 간에는 가격이전효과와 변동성 이전효과가 양방향으로 존재하는 것으로 나타났으며, 가격이전효과는 두 시장 간에 글로벌금융위기전 기간이 후보다 더 크게 나타났다. 주식시장과 채권시장간의 정보에 대한 비대칭적 변동성이 두 시장에 존재하는 것으로 나타났다.

• East Asian Economic Review
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• 제18권3호
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• pp.253-276
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• 2014

We examine which traditional asset pricing variables together with bank-specific accounting variables explain the cross-sectional variation of future bank stock returns, using a firm-level data of eight Asian countries. Our empirical evidence shows that exchange rate risk, firm size, the book-to-market ratio, and the net income ratio are important in explaining future bank stock returns during normal times. However, during the Global Financial Crisis period, different variables such as local market beta, illiquidity risk, equity ratio, and off-balance sheets ratio were statistically significant. Thus, researchers and policy practitioners should monitor these variables during normal times as well as during times of crisis.

• 품질경영학회지
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• 제42권1호
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• pp.91-109
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• 2014

Purpose: This study compares quality crisis and management at Hyundai Motor in the late 1990s and Toyota Motor in the late 2000s. We can expect to induce more meaningful policy implications in quality management from this in-depth comparative case study. Methods: This study compares two cases at Hyundai and Toyota Motor how to overcome quality crisis based on the OESP (Organization-Environments-Strategy- Performance) model. Results: Hyundai Motor shows centralized approach based on the asymmetric organizational culture and the entrepreneurial leadership but Toyota shows decentralized, systematic approach based on the steady state leadership and symmetric organizational culture. The CEO's leadership have proved to be one of the important factors at both companies. Conclusion: The effective quality management in global contexts has become more and more difficult for the 'complexity explosions' in automobile industry. As a consequence, the future competitive edge of world automobile industry will come from the effective quality management of products in global contexts.

• 한국기후변화학회지
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• 제8권2호
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• pp.91-97
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• 2017

Korean solar energy companies are currently suffering bankruptcy, receivership, liquidation of operation, lay-off or other similar event and most of the conglomerate are also downsized or discontinued operations in the industry. This study aims to assist Korean solar energy companies in making decision to overcome the current industrial crisis through looking into the Korean companies' growth, encounter with the crisis and strategies to survive. The main research topic in this study is a comparison between respective effect of M&A and restructuring on corporate value to understand such effects on solar energy companies. In this study, we utilized a variety of research methodologies, including dummy regression analysis, binary analysis of variance, analysis of cross addition to T-test was carried out empirical analysis. As a result, it seems that the companies who chose an M&A are facing a better situation in terms of survival and market share despite the ongoing crisis. Through this study, it could be found that, for a technology company, an M&A would be a better option than restructuring to grow and overcome a crisis.

• Journal of the Korean Data and Information Science Society
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• 제20권4호
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• pp.655-660
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• 2009

최근의 글로벌경제위기 상황에서 국내 금융외환시장이 높은 환율변동을 보이며 불안한 모습을 보이고 있다. 따라서 그 어느 때보다 금리, 환율 등 가격변수들의 움직임 및 이들 간의 관계에 대한 관심이 높다. 본 연구에서는 국내시장을 중심으로 환율, 금리의 추이 및 인과관계에 대하여 연구하였다. 글로벌경제위기 상황에서 원/달러환율, 콜금리의 움직임에서 나타나는 주요 특징을 알아보고, 교차상관분석 및 그랜저 인과관계검정 등을 이용하여 두 변수간의 상호연관관계에 대하여 선도/지연 관계를 중심으로 분석하였다.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.149-156
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• 2020

The study aims to investigate a close relation between macro and non-macro variables on stock performance of tourism companies in Korea. The sample used in this study includes monthly data from January 2001 to December 2018. The stock price index of the tourism companies as a dependent variable are obtained from Sejoong, HanaTour, and RedcapTour as three leading Korean tourism companies that have been listed on the Korea Stock Exchange. This study assesses the tourism stock performance using the quantile regression approach. This study also investigates whether global crisis events as the Iraq War and the global financial crisis as non-macro variables have a significant effect on the stock performance of tourism companies in Korea. The results show that the oil prices, exchange rate and industrial production have negative coefficients on stock prices of tourism companies, while the effects of tourist expenditure and consumer price index are positive and significant. We estimate the result of quantile regression that non-macro determinants have statistically a significant and negative effect on tourism stock performance because the global crisis could threaten traveler's safety and economy. Overall, empirical results suggest that the effects of macro and non-macro variables are statistically asymmetric and highly related to tourism stock performance.

• 산학경영연구
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• 제22권1호
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• pp.103-123
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• 2009

2008년 9월 15일 Lehman Brothers의 파산이후 국제금융시장의 불확실성은 급격히 증대되었다. 각국의 금융시장 안정화 조치에도 불구하고 세계의 주식시장은 급락과 급등의 불안한 모습을 보였으며, 미국 금융시장의 불황으로 달러화에 대한 신뢰도가 급격히 하락하여 달러화는 주요 통화대비 약세로 전환되었다. 이와 관련 본 연구는 리먼사태 이후 발생한 글로벌 금융위기 발생이후 정책당국이 대응한 정책들에 대해 보도자료 등을 통해 분석을 하였으며 여러가지 시사점을 제공하였다. 하지만 이러한 의의에도 불구하고 본 연구는 여러가지 한계점을 가지고 있다. 따라서 한계점을 언급하고 이와 관련하여 앞으로의 연구방향을 제시하고자 한다.